3 ms·
Price elasticity of demand isn't linear. Something that is a Giffen good at a lower price may well have negative marginal demand if the price rises too much.
by totalZero 6y ago
Price elasticity of demand isn't linear. Something that is a Giffen good at a lower price may well have negative marginal demand if the price rises too much.
- shannietron 6y agoIn this particular example, the iPhone is probably better represented as a Veblen good?